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To: Lucretius who wrote (40467)	5/12/1999 12:27:00 PM
From: Bull RidaH	Read Replies (2) \| Respond to of 86076

LT, There's a real simple answer to this puzzle. Big $$$ is SELLING overpriced naked OEX puts to suck in the gargantuan premiums, and as the market moves up, they cover and take a profit, then sell the next higher strike. This is what is making OEX Put volume swell. On the equities call side, these should nearly always trade more than equity puts as people are selling overpriced covered calls on their stock, then buying them back on dips for a profit, then selling calls again on rallies. It's the Sell to Open and buy to close volume that is accounting for the majority of the volume on the OEX Puts and Equitiy Calls respectively. Unadulterated naivite would say this volume is related to speculative Buying of either options. Now go.. And tell the good news... That a collapse to 1205 SPX is coming!! BK